Exxon Mobil returns to Q4 profit as oil demand continues to improve

Exxon Mobil returned to a profit in its fourth quarter as demand for oil continues to improve.

The oil and natural gas company earned $8.87 billion, or $2.08 per share for the final three months of 2021. A year earlier it lost $20.07 billion, or $4.70 per share.

Removing certain items, earnings were $2.05 per share. Analysts polled by Zacks Investment Research expected a profit of $1.96 per share, on average.

Exxon does not adjust its reported results based on one-time events such as asset sales.

Exxon is capitalising on a resurgence in oil demand following a slowdown during the pandemic. Crude is up 17% so far this year, and Exxon is up 24%.